Commercial Insurance Add-Ons

It may seem that if you have commercial property insurance in Orlando, your premises are covered in the event of a catastrophic event, such as fire, flood, burglary, etc. However, most property insurance policies have sections that specifically address add-ons or extensions to the general plan. While these may offer extra protection, it may not cover your business needs. These sections can be seen as gaps or limitations if the risks are not understood. Below are a few typical add-ons that should be reviewed.

Debris Removal

This is coverage to remove debris from a policy property that was damaged or destroyed. Depending on the amount of rubble and whether it is considered hazardous, removal can be costly, and the standard add-on insurance may be insufficient.

Pollutant Cleanup and Removal

There may be requirements for extraction of pollutants from land or water, depending on the type of business and location of the property. Coverage may be excluded unless the pollutant results from a “specified cause of loss,” listed in the policy.

Increased Cost of Construction

Local law may require condemnation and demolition of a damaged structure. Unless these costs are specifically listed as “covered,” you may be liable.

Understanding coverage and limitations of commercial property insurance in Orlando are crucial. Otherwise, there could be significant protection gaps. Talking with a professional, familiar with these add-ons can save time and expense in the event of a claim.